This Honorable Court is Now in Session
Allan Rolnick, CPA For over 234 years, the Supreme Court has issued opinions that have changed the course of our government, our history, and our very American character. In 1803, Marbury v. Madison established the principle of judicial review and cemented the court’s role as a co-equal branch of government. In 1954, Brown v. Board […]
TikTok Tax Tip
Allan Rolnick, CPA Barely five years ago, in September 2018, a Chinese company named ByteDance rolled out a video-sharing social media app called TikTok. The company’s Chinese origin has caused headaches around the globe, with concerns that they might pass sensitive user data to the Chinese government. Afghanistan, Pakistan, India, and Montana have banned the […]
Excedrin Headache #1,367
Allan Rolnick, CPA What do sophisticated tax cheats, drug cartel money launderers, Russian potash oligarchs, and quite possibly you all have in common? Well, if you operate your business as a partnership, corporation, or limited liability company, you’re all about to find yourself caught up in a sticky new web of Grade A federal red […]
Giant Vacuums in the Sky
Allan Rolnick, CPA For decades, growing numbers of scientists have warned that burning fossil fuels is pumping dangerous amounts of greenhouse gases into the Earth’s atmosphere. This has prompted research into “geoengineering” – using technology to manipulate the environment to offset the alleged effects of climate change. Naturally, capitalism would like a word or two […]
No Place Like Home
Allan Rolnick, CPA Generations ago, you only saw into your neighbor’s home if they invited you in for apple pie and dessert. Or maybe you were able to catch a glimpse of their den if they left their shades open after dark. But Zillow has changed all that. Now, you can tour the fanciest home […]
Brother, Can You Spare a Dime?
Allan Rolnick, CPA What’s the last thing you want to read about for fun, and why is it taxes? Writing about taxes is easy. Every day, there’s something worth reporting. Someone is always introducing legislation. The IRS is always issuing regulations. The Tax Court is always issuing opinions. Several news outlets, including Bloomberg, Politico, and […]
Mind the Gap
Allan Rolnick, CPA Last week, the IRS announced that the “tax gap”—the difference between the amount of taxes Americans legally owed and the amount they actually paid—grew to $688 billion for 2021. That’s a lot more than a few pizza shop owners skimming out of the cash drawer. With Uncle Sam routinely running trillion-dollar deficits, […]
Your Check is Not in the Mail
Allan Rolnick, CPA Last week marked the final final final 2022 tax filing deadline for everyone who filed an extension back in April and doesn’t have the good fortune to live in an area affected by certain hurricanes, floods, wildfires, earthquakes, or other natural disasters. If you live in parts of Louisiana affected by seawater […]
Don’t Do the Crime If You Can’t Do the Time
Allan Rolnick, CPA Last year, Americans earned about $21.8 trillion in personal income. Uncle Sam stepped in to intercept $4.9 trillion of that haul in personal income taxes. Now, moving nearly a quarter out of every dollar America earns to Uncle Sam’s pocket is a pretty monumental task. So, our Internal Revenue Service works to […]
Don’t Do the Crime If You Can’t Do the Time
Allan Rolnick, CPA Americans are raised from childhood to believe that crime doesn’t pay. But any adult who opens their eyes realizes crime actually pays quite well. As Glenn Frey sang in his 1985 hit, Smuggler’s Blues, “It’s the lure of easy money, it’s got a very strong appeal.” And so a Ponzi schemer buys […]